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Foreign direct investment in Porto grew 68% in 2022

Porto's Economic Report reveals that foreign investment in Porto was close to 600 million euros last year.

Foreign direct investment in Porto grew 68% in 2022
ECO · 18 Sep 2023

From 2021 to 2022, the city saw a 67.9% increase in Foreign Direct Investment (FDI), representing around 600 million euros. Last year, these projects were responsible for the creation of 2,690 new jobs in the city. The number of companies created grew by almost 20%.

These figures are part of the annual Economic Report, which shows "a growing Porto in areas such as education, transportation, and investment". This document comes as part of the process of creating the Office of Information and Strategic Studies. Ricardo Valente, the councilor responsible for the Economy, Employment, and Entrepreneurship, wants this report to be "a basis for analysis and decision-making by all those who have a relationship with the city of Porto: those who live, work, invest and have companies and businesses here".

 

Thus, FDI in the city of Porto was around 597.9 million euros in 2022, up from 356.1 million euros in 2021 and more than double the foreign investment made in 2020 (258.8 million euros). These projects created 2,690 jobs, still 16.2% less than the 3,210 in 2021.

 

Ricardo Valente considers that "this document marks an important moment in the relationship between the city's management and the city itself, in terms of the ability to generate a transparent information system, based on credible sources and capable of transmitting it in a clear, simple and very intuitive way." "This is the role of this Porto Economic Report," the councilor stresses.

It’s worth noting that "Porto has the highest value of approved investments per square kilometer in the country - 22 million euros", in terms of investment financed by European funds from the Recovery and Resilience Plan (PRR), with a deadline of 2026. It has an approved value of around 900 million euros, of which, as of May 29, 2023, 107.3 million euros had already been paid.

 

The city had 47,307 companies in 2021, 2,247 more than in 2020. The municipality noted an increase in the number of companies created of 19.7% in 2022 compared to 2021, a trend that has been ongoing since 2020, the year in which there was the biggest drop, in the context of the pandemic.

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